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How are startups contributing to the growth of economy in India?

Punjab is slowly taking over India's fast-growing ecosystem.
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Written by Benjamin Johnson

Takeaway: Punjab is slowly taking over India’s fast-growing ecosystem. The state capital Chandigarh, in particular, has been the birthplace of many successful startups who make history with their new solutions. The government, which has previously focused on agriculture and sport, has taken the lead in promoting their first businesses.

There are many coworking space in Chandigarh which provide a perfect working environment for these entrepreneurs.


How startups lead to financial growth?

India’s financial capital has become a starting point for 2018. According to the report, of the 14,500 startups approved under the Startup India Initiative in 2018, most were from Mumbai.

Commenting on the latest report, Pradeep Udhas, head office partner, West, KPMG in India, says, “The Maharashtra provincial government is working to implement various programs designed to promote a business and business environment in government.”

“This, combined with proper infrastructure, counseling, financial assistance, and the simplification of the regulatory framework to facilitate compliance, will play a key role in Maharashtra’s emergence as the first state to implement. However, Mumbai no longer has to compete with other top destinations in India; instead, it should compare itself to San Francisco, New York, London, and Hong Kong, ”he added.

There are several office space for rent in Chandigarh, making it easier for companies to provide large office space for the employees.


India’s take in leading the startup culture

Prime Minister Narendra Modi has announced the Startup India initiative on India’s 69th Independence Day, intending to provide “strength and inspiration to a talented new generation of Indians to do something new in India and humanity.” To build a platform where emerging entrepreneurs can establish themselves without problems, the program was established to provide funding and incentives in patenting and simplifying the implementation process. Five months later, in January 2016, the Startup India Action Plan was launched. In a country that prides itself on having the third-largest launch program globally, this initiative provides further impetus for new empowerment.

The startup movement has traveled a long way since then. From the ban on the digital / technology sector to growing into a wide range of sectors including agriculture, manufacturing, education, and health care; from the confinement in the cities of Tier 1 to the reach of Tier 2 and Tier 3 – the beginning of the Indians spread their wings far and wide. The initiative has instilled confidence in the youth, that their vision is not just a vision and opportunities to help them continue to thrive. India is maturing as a starting point for 8% growth in the first funded number in 2016.

The Startup India initiative focuses on three pillars: Facilitation and retention, funding and incentives, and industry – the Academia and Incubation partnership.

Under the auspices of the columns listed above, the following funding was organized. Here’s a look at what Startup India is determined to do and what it has achieved so far.

Hence, startups play a considerable role in uplifting the nation, and help is progress.

About the author

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Benjamin Johnson

A keen tech enthusiast who loves to keep a tab on the tech scene, with special emphasis on things like smartphones, tablets, laptops, convertibles and such. Cars happen to be his other passion, not to mention the recent trend here comprising of electric cars and autonomous cars. Off late, he has also started tinkering a bit with stuff like electronic circuits, electric motors a bit though he's just a novice there.